Six weeks ago I pulled MLS data for the West Loop and counted around 280 active residential listings. Last week that number was closer to 340. That's roughly a 20% jump, and most people I talk to haven't noticed yet.
If you're a first-time buyer, this is the window you've been waiting for without realizing it. More listings means more leverage. I had a buyer last month looking at a two-bed in the Arkadia Tower on Washington. Three months earlier, a comparable unit in that building had two competing offers within 48 hours. This time? My client was the only offer for five days. We negotiated a credit for closing costs. That doesn't happen in a tight market.
Sellers, don't panic. Prices haven't dropped off a cliff. Average price per square foot in the West Loop is still holding steady compared to Q1, based on what I'm seeing in closed transactions through April. But the days-on-market number is creeping up. Units that would have moved in two weeks are sitting for four. If your place has been listed for three weeks with no serious interest, your price is probably too high for this version of the market. Not the version from January.
Here's where I'll say something that might be unpopular: some listing agents are still pricing like it's fall 2024. Rates were trending down, buyer urgency was real, and multiple offers were common. That energy has cooled. Pricing to where the market was two quarters ago is a fast way to watch your listing go stale.
For investors, the math just got more interesting. More inventory means less competition on acquisition, and West Loop rents haven't softened. A one-bed near Randolph and Halsted that rents for $2,200 a month is a different equation when you're buying it at asking versus $15K over. That gap matters on a cap rate calculation.
The shift isn't dramatic. Nobody's calling this a correction. But the balance between buyers and sellers has moved a few clicks toward center, and the people who recognize that early are the ones who'll make better decisions this quarter.
If you're sitting on the sideline wondering whether to list or buy, pull up the active count in your target building. Compare it to three months ago. The answer is probably already there.